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A seafood business that cuts and packs its own product answers to two buyers at once: the walk-in at the counter and the kitchen that wants portions on a schedule. A bank will ask what the cold room and processing line cost, how long new accounts take to win, and what a storm closure does to a business that cannot hold stock. A template will not show what a sensible answer looks like.
This article walks through a complete sample plan for a seafood market and small processing room in Panama City, Florida, section by section, and finishes on the financials: funding, working capital, the crew, five years of profit and cash, and a year when sales come in a fifth short and two storms hit.
What you can take from it:
- The summary: see how to state the ask, the reserve and the first three years on one page, so a lender knows within a minute what is being funded
- The buyer breakdown: learn how counter customers, restaurants, hotels and grocers differ in order size, margin and payment terms, and why the mix sets cash needs
- The start-up budget: find out what a cooler, a cutting room and an opening reserve cost before the first profit, so the loan is sized on purpose
- The first year, month by month: spot the pre-opening months and the soft months before you reach them, including the storm season
- The food-safety and cold-chain plan: see how a HACCP program, loggers and spoilage cover show up as real costs, not footnotes
- The five-year profit, cash flow and balance sheet: follow how receivables, stock and supplier terms move every figure on a thin margin
- The downside case: have an answer ready for "what if sales are 20% short and a hurricane closes us?", along with the steps the owners take in response
This sample describes a seafood market and small processing room in Panama City, Florida. The business is fictional, so every figure is the example's own and none is a benchmark.
In this plan
- Justin Seafood Market at a Glance
- The Company and Its Three Lines
- Panama City and the Gulf Coast Seafood Trade
- The Buyers: Counter, Kitchen and Shelf
- From Sample Case to Standing Order
- Marketing: Chefs, Managers and Walk-ins
- The Building, the Cold Chain and the Day
- Bill, Dana and the Plant Lead
- Financial Plan: Dock to Counter
- Cold room, cases and the opening reserve
- Market and plant figures behind the model
- Revenue by channel
- The crew, by start month
- Operating statement, five years
- Where the cash comes from and goes
- Balance sheet with stock and payables
- Margins, break-even and loan cover
- A soft, storm-hit stretch: sales 20% short
- Sources
If you need a wholesale food manufacturer business plan template for your own plan, start it in the Toolkit.
Justin Seafood Market at a Glance
Justin Seafood Market is a seafood market with a small processing and packing room in Panama City, Florida. A retail counter faces the street. Behind it, a cutting room fillets, portions, breads and vacuum-packs product for restaurants, hotels, vacation-rental kitchens and regional grocers on the Gulf Coast. Bill Justin owns the company with his wife, Dana, and runs buying and wholesale sales; Dana runs the market and the books.
The company needs $620,000: $280,000 from Bill and Dana, $150,000 from one local investor for about 35% of the company, and a $190,000 bank equipment loan. Of that, $240,000 buys the cooler and freezer expansion, processing equipment, retail case, delivery van and wash-down fit-out, $25,000 is opening stock, $42,000 is expensed on legal and HACCP work, permits, launch marketing and crew training, and $313,000 is held as a cash reserve.
| Year 1 | Year 2 | Year 3 | |
|---|---|---|---|
| Revenue | $1,320,800 | $2,434,900 | $2,706,300 |
| Net income after start-up costs | ($158,271) | $163,544 | $159,216 |
| Closing cash | $149,720 | $264,135 | $299,970 |
January and February 2027 are pre-opening months with no sales. The market and the first wholesale accounts open in March, ahead of the beach season. About 12 accounts are live on the first day, from Bill's existing buying relationships, and the plan ends the year with 33 wholesale accounts. Year 1 is a loss because the crew is on payroll before the accounts are won and the tourist trade is still months away. Year 2 is the first profitable year, and the margin after it runs between 6% and 7%: modest for the trade, but real.
Wholesale is about 72% of sales from Year 3; the counter is the other 28%. The plan expects Gulf Coast tourist seasonality, with sales strongest from March to August and soft from November to February, and it carries storm-season risk in the downside case. If sales run 20% short in every year, two storms cost $25,000 each in uninsured damage and spoilage, and Bill cuts his pay, slows hiring and pays no distributions, the company keeps cash in the bank in every year and loses money only in Year 1.
The Company and Its Three Lines
Legal name: Justin Seafood Market, LLC, a Florida limited liability company. Owners: Bill and Dana Justin, with a local investor holding about 35%. Premises: about 3,600 square feet leased in Panama City: roughly 900 square feet of market, 2,100 of processing and cold storage and 600 of receiving. Opening: January 1, 2027 for fit-out and inspection; trading from March. Stage: pre-launch. The lease terms and the equipment quotes are in hand and the first accounts are in talks, and the plan does not count on signed contracts.
Purpose
Sell fish and shellfish that came off local boats and docks to the people who cook it, whether they stand at the counter or run the kitchen.
Three lines of business
| Line | What it sells | Year 1 share of revenue |
|---|---|---|
| Market counter | Whole fish, fillets, shrimp, oysters and crab to walk-in locals and visitors, plus vacuum-packed and prepared items | 32.1% |
| Restaurants, caterers, hotels and rental kitchens | Portioned and filleted product delivered on a set weekly schedule | 53.7% |
| Regional grocers | Vacuum-packed, frozen and breaded retail packs under the market's label | 14.2% |
What the first two years must show
- 33 active wholesale accounts by December 2027, up from about 12 on opening day.
- $2.43 million of revenue in 2028 with a profit after tax.
- Every product line passing the company's own HACCP monitoring records from the first week of trading.
- A second cutter in month 14 and a second driver in month 30, each paid for by volume already won.
Licenses and inspections
Seafood processing and wholesale selling are regulated. Federal seafood HACCP rules (21 CFR Part 123) generally apply to processors, Florida's food-safety agency oversees food establishments, and buying directly from commercial fishermen generally requires a state wholesale dealer license. Molluscan shellfish, such as oysters, generally carries separate state certification and tagging rules, the FDA's food traceability rule lists some seafood and has had its compliance dates revised, and a wash-down room may need local wastewater or environmental permits. The company confirms each requirement, fee, date and inspection schedule with the agency before it signs the lease; the plan budgets $6,000 for permits and $14,000 for the HACCP plan, lease review and legal work as planning figures, not quoted fees.
Panama City and the Gulf Coast Seafood Trade
Where the demand comes from
The plan's working view is that Bay County's trade rests on two groups: residents who buy seafood year-round, and visitors who fill hotels, condos and rental houses from spring to late summer. Restaurants and rental managers buy for the second group; the counter serves both. The plan treats the visitor season as the peak and the rest of the year as the base, and it sizes the staff to the base.
Pricing and margin in the trade
Fresh seafood loses value quickly, so the margin on it is narrow, and the plan treats gross margin as its most sensitive figure. Selling unprocessed product wholesale earns the least, filleting, portioning and packing earn more, and the retail counter earns the most. The plan's blend is 37.8% in every year: about 48% at the counter, 31.5% for restaurants and caterers, 30% for hotels and rental kitchens and 40% for grocer packs, which puts wholesale near 33%. These are the company's own planning figures, to be compared with trade benchmarks, and the financial section shows what a point of margin is worth so a reader can adjust them.
Storms and the calendar
Hurricane Michael struck the Panama City area in October 2018, and a closure of days or weeks is a standing risk of running a cold-chain business on this coast. The base case sets September and October sales below the annual average and carries windstorm and flood cover in the $32,000 insurance line. The downside case adds two storm years with $25,000 of uninsured cost each and cuts sales 20%.
Supply
Local boats and docks supply fresh finfish and shellfish when catches are good; importers and regional processors supply frozen shrimp, crab and other products that the coast does not land in volume. Catch volumes and dock prices swing from week to week, and the plan holds direct costs at a flat share of sales and relies on weekly price sheets, not fixed-price contracts, to pass changes through.
Who else sells seafood
| Alternative | What it offers | Why a buyer uses it | How the market differs by design |
|---|---|---|---|
| National broadline distributors | Seafood on a truck with the rest of the order | One invoice, one delivery | Local dock product and cut-to-order portions |
| Other independent seafood markets | Retail counters, some wholesale | Established customers | Packs under its own label and a processing room that serves other kitchens |
| Supermarket seafood counters | Convenience | One stop | Fresh-caught product and advice at the counter |
| Online and direct-to-home sellers | Shipped frozen product | Reach beyond the coast | Same-day pickup and local delivery |
| Buying direct at the dock | Lowest price | Cuts out a middleman | Cleaned, portioned and documented product |
The table describes categories, not a ranking. Prices change often and are not quoted here.
SWOT
| Strengths | Weaknesses |
|---|---|
| Buying relationships with area boats and kitchens | Neither owner has run a licensed processing room before |
| Two revenue channels that use the same product | Year 1 loses money and draws on the reserve |
| In-house processing that captures cutting yield and margin | Storm exposure on the coast |
| Opportunities | Threats |
|---|---|
| Vacuum-packed and frozen packs for regional grocers | Catch swings and price spikes |
| Rental managers and hotels that want portioned product | A cold-chain failure or recall |
| Longer shoulder seasons on the Gulf Coast | Larger distributors discounting to win kitchens |
The Buyers: Counter, Kitchen and Shelf
The walk-in at the counter
Locals who cook at home, anglers who want a fish cleaned and visitors in rental houses buying dinner. The average ticket is $52 in Year 1. The plan counts 8,150 tickets in Year 1, 13,800 in Year 3 and 15,200 in Year 5.
Independent restaurants and caterers
Chef-owned kitchens that buy two or three times a week and want product cut to a portion weight. Spend averages $3,100 a month in Year 1. The plan wins 21 of them by December 2027 and averages about 25 in Year 3.
Hotels and vacation-rental kitchens
Hotel and resort kitchens and rental-property managers who stock guest kitchens or host owner events. Orders are larger and more seasonal, at $4,700 a month in Year 1. The plan ends 2027 with 6.
Regional grocers
Independent grocers and fish counters that sell vacuum-packed, frozen or breaded packs. Orders average $5,500 a month. Six are active by December 2027 and about nine by Year 5.
What each buyer asks of the market
Product that arrives cold and on the day promised, portions that weigh what they say, a documented cold chain and a price sheet that is current. No single account exceeds about 3% of revenue in any year of the plan.
From Sample Case to Standing Order
The first call to a standing order
A chef receives a sample case, then a weekly price sheet, then a trial week with a credit limit. Standing orders are set by day. Bill makes every first call in Year 1.
Terms and credit
Counter sales are paid at the till. New restaurant accounts start on short terms with a limit and move to net-14 after a clean payment record. Hotels and grocers are on net-21 to net-30. Receivables average 14 days of total sales, and the plan holds a bad-debt allowance of 0.5% of wholesale sales.
How the accounts build
| Year 1 end | Year 3 average | Year 5 average | |
|---|---|---|---|
| Restaurants and caterers | 21 | about 25 | about 26 |
| Hotels and rental kitchens | 6 | about 7.5 | about 8 |
| Regional grocers | 6 | about 7.5 | about 9 |
The Year 3 and Year 5 figures are the averages implied by the revenue lines at the planned spend per account, with prices rising 3% a year.
Keeping them
Wholesale accounts leave over a missed delivery, a short weight or a price that moved without notice. The plan counters this with a weekly price sheet sent on the same day each week, a morning receiving check and a log of every complaint.
Marketing: Chefs, Managers and Walk-ins
Spend and what it buys
The first-year budget is $34,000: $14,000 of launch spend paid from start-up capital plus $20,000 of running costs. That is 2.6% of Year 1 revenue, falling to 0.8% in Year 3. Spread over the 33 wholesale accounts won in Year 1 it is about $1,030 per account, although part of it brings in counter traffic.
| Channel | Year 1 spend | What it is expected to do |
|---|---|---|
| Launch: signage, website, chef samples, opening promotion | $14,000 | The market is visible from the road and the first kitchens have product in hand |
| Chef and manager sample runs and tasting days | $5,000 | Move trial accounts to standing orders |
| Counter promotions, listings and social | $4,500 | Steady walk-in traffic outside the peak |
| Grocer demo days and shelf material | $3,000 | Place the first packs in regional stores |
| Rental-manager outreach | $3,000 | Welcome packs and event orders |
| Regional food-service events | $2,500 | Introductions to hotel and grocery buyers |
| Price sheets and a weekly availability message | $2,000 | Keep accounts informed and ordering |
Milestones
- March 2027: market open, about 12 wholesale accounts live.
- June 2027: peak-season volume tested; the first grocer packs on shelf.
- December 2027: 33 wholesale accounts and $145,300 of monthly revenue.
- Month 14: second cutter starts as pack volume builds.
The Building, the Cold Chain and the Day
The building
About 3,600 square feet at $14 a square foot a year, all in: $50,400 in Year 1. The wash-down fit-out, cooler and freezer expansion and a blast freezer are paid by the company. The lease is seven years, to match the loan, with renewal options and a personal guarantee.
A day in the plant
Boats and importers deliver between 5 and 8 a.m.; product is received against temperature and weight, iced and moved to the cooler. Cutting and portioning run until midday for the day's orders. The van leaves with wholesale orders late morning while the counter opens. Afternoons are for breading, vacuum-packing, freezing and tomorrow's pack runs.
HACCP and cold chain
A written seafood HACCP plan, written with outside help, covers receiving, cutting, packing and storage, with temperature loggers on every cooler and freezer, daily logs and periodic lab testing. The plant lead holds the plan and the records. Lab testing, loggers, licenses and inspections are budgeted at $7,500 in Year 1.
Cold-chain failure
A compressor failure at night is the most likely large loss. Remote temperature alarms sit in the $7,500 HACCP and monitoring line, spoilage cover is in the $32,000 insurance line, and spoilage beyond normal yield loss is carried at 0.6% of sales.
Vehicles
A used refrigerated van is bought at launch for $38,000, and a second van is leased from month 30 when the second driver starts. Fuel, upkeep and registration are $9,000 in Year 1.
Who does the work
The two owners and the plant lead start in January, and the cutter, counter associate and driver in March, for six full-time people at the end of Year 1. Headcount reaches seven full-time at the end of Year 2, eight in Year 3 and nine from Year 4, plus two part-timers. Revenue per full-time equivalent at year end is $188,686 in Year 1, $300,700 in Year 3 and $315,960 in Year 5. Product takes about 62 cents of each sales dollar, so gross profit per full-time equivalent, about $114,000 in Year 3, is the more useful measure. One driver covers roughly 100 stops a week, so the second driver starts at month 30 as the account count passes about 40.
Bill, Dana and the Plant Lead
Bill Justin, owner, buyer and wholesale sales
Bill has bought seafood for restaurant kitchens and dealt with the area's boats and docks for years. He owns the supplier relationships and the first call on every new account. He is paid $64,000 a year from the first month.
Dana Justin, market manager and bookkeeping
Dana runs the counter, hires and schedules the front crew, keeps the books and handles billing and collections. She is paid $46,000 a year from the first month.
Thin spots in the team
Neither owner has run a licensed processing room. The plan hires a plant lead who carries the HACCP duties from January, uses an outside consultant to write the plan, and sends the plant lead through a recognized seafood HACCP training course before opening. Bill cannot be on the dock, in front of buyers and in the plant at once, so the plan puts the second cutter in month 14 and the second driver in month 30.
If Bill is out
The company carries key-person cover on Bill. The plant lead can run receiving and cutting, and Dana holds the account records and the price sheet.
Outside help
An accountant reviews the numbers quarterly, an insurance broker places the property, windstorm and flood quotes, and a lawyer reviews the lease and the supplier and customer terms.
Ownership and the bank
Bill and Dana own about 65% of Justin Seafood Market, LLC and the investor about 35%. The bank takes a personal guarantee and a lien on the equipment and van, and asks for quarterly accounts.
Financial Plan: Dock to Counter
Five years of the business sit in one model. Year 1 is laid out month by month for 2027, and Years 2 to 5 run one column at a time. Read the funding first, then the plant and market inputs, the revenue and crew, and last the three statements.
Cold room, cases and the opening reserve
| Use of funds | Amount |
|---|---|
| Cooler and freezer expansion, blast freezer | $62,000 |
| Processing room: fillet tables, chamber vacuum packer, portion scales, breading station, label printers | $48,000 |
| Retail: 12-foot refrigerated seafood case, ice table, point of sale | $34,000 |
| Used refrigerated delivery van | $38,000 |
| Wash-down fit-out: floor drains, wall panels, hand sinks, signage | $58,000 |
| Opening stock: fresh, frozen and packaging | $25,000 |
| Food-establishment permits, seafood dealer and local licenses, inspections | $6,000 |
| Seafood HACCP plan, lease review, entity and supplier terms | $14,000 |
| Launch: signage, website, chef samples, opening-month promotion | $14,000 |
| Crew HACCP and sanitation training and set-up labor before opening | $8,000 |
| Cash reserve for the first season and a storm-season shock | $313,000 |
| Total uses | $620,000 |
| Source of funds | Amount |
|---|---|
| Bill and Dana Justin's savings | $280,000 |
| One local investor (35% stake) | $150,000 |
| Bank equipment loan | $190,000 |
| Total sources | $620,000 |
Bill and Dana Justin put in $280,000, and a local investor puts in $150,000 for about 35% of the company. A $190,000 bank equipment loan at 9.75% runs seven years, interest-only for its first six months, secured on the equipment and van and backed by a personal guarantee from Bill and Dana. Equity is 69% of the $620,000. The loan is 79% of the $240,000 spent on equipment and fit-out. Part of that spend, $120,000 of cooler expansion and wash-down work in a leased building, is worth less to a lender than movable equipment, so the guarantee covers the gap. Lenders set their own advance rates, and the 9.75% is a planning figure, not a quote. The $313,000 reserve is the largest line. It covers the Year 1 loss after start-up costs, the stock and receivables that build before the summer peak, and a storm-season shock. No credit line is drawn in either case: the reserve alone carries the downside. The bank will ask for both owners' personal financial statements before it lends.
Market and plant figures behind the model
- The counter sells 8,150 tickets in Year 1 at an average of $52, or $423,800 over ten selling months. Tickets rise to 13,800 in Year 3, about 45 a day over roughly 310 trading days, and to 15,200 in Year 5. The ticket rises 3% a year from Year 2. The counter is 32% of Year 1 revenue and 28% from Year 3.
- Wholesale revenue is accounts times monthly spend. Year 1 spend is $3,100 a month for a restaurant or caterer, $4,700 for a hotel or rental-property kitchen and $5,500 for a regional grocer, rising 3% a year from Year 2. Year 1 ends with 21 restaurant and caterer accounts, 6 hotel and rental-kitchen accounts and 6 grocers, 33 in all, and about 12 are live in the opening month from Bill's existing buying relationships. The Year 3 revenue lines imply about 25, 7.5 and 7.5 average accounts, and Year 5 about 26, 8 and 9. Counts are net of churn; the model does not track churn on its own line.
- Year 1 follows the Gulf Coast calendar. Sales run at 0.7 to 0.9 of an average month in November and December, build through spring and peak at 1.3 to 1.4 in June and July. September and October sit at 0.8 to 0.9 for storm season. The holiday season gets no separate peak, because the beach calendar drives buying here. January and February are pre-opening with no sales, while rent and payroll run.
- Direct costs are set by channel, each after trim and yield loss: about 48% of sales at the counter, 31.5% for restaurants and caterers, 30% for hotels and rental kitchens and 40% for grocer packs. Wholesale blends to about 33%, and the counter lifts the total to 37.8%. These are the company's own planning figures, not trade benchmarks, and should be tested against supplier quotes before opening. The engine holds the Year 1 blend in every later year. A point of margin is worth $13,200 in Year 1 and $27,100 in Year 3, which makes margin the most sensitive figure in the plan.
- The model carries receivables at 14 days of total sales. Counter sales are paid at the till, so that is about 20 days on wholesale sales alone. Restaurants and caterers are on net-7 to net-14 terms and hotels and grocers on net-21 to net-30. Suppliers are paid in 8 days of direct costs on average: boats and docks within days, importers on net-14. Stock is about 26 days of direct costs at the end of Year 1 and about 19 days by Year 5, because fresh product turns in days while frozen and breaded packs sit longer.
- Payroll adds 27% to wages for payroll taxes, health cover, paid leave and workers' compensation, and 15% for part-time roles. Workers' compensation carries a higher rate for cutting and driving work, which the broker confirms by class. Wages in the crew table are launch rates. Pay rises of 3% a year run as a separate line from Year 2 and reach $64,688 in Year 5. Bill is paid $64,000 and Dana $46,000 from the first month. The counter associate's $32,000 is about $15.40 an hour on 2,080 hours. The two half-time roles work about 1,040 hours a year: the weekend counter help at about $16.35 an hour and the evening sanitation crew at about $15.40. Summer counter help is budgeted at $28,000 a year pro rata, which is $9,333 over the four months: about 35 hours a week at about $15.40 an hour. Florida's minimum wage reached $15.00 an hour on 30 September 2026 under the state's constitutional schedule, and later increases depend on the state's indexing; the current rate is confirmed before opening. Every role here is paid above $15.00, with the lowest at about $15.40 an hour.
- The premises are about 3,600 square feet at $14 a square foot a year, all in, which is $50,400: roughly 900 square feet of market, 2,100 of processing and cold storage and 600 of receiving. The lease runs seven years, to match the loan. Utilities are $40,000 because the coolers and a blast freezer run around the clock in a hot climate. Wash-down wastewater may need a local utility or environmental permit, which the company confirms before fit-out.
- Insurance of $32,000 covers general and product liability, spoilage from a refrigeration failure, the van, windstorm and flood on contents and equipment, and key-person life cover on Bill. Workers' compensation sits in the payroll load. The line does not include product recall cover, which the broker quotes separately, or business-interruption cover for a storm closure; a closure is carried as an uninsured cost in the downside case. Coastal property quotes vary widely, so the figure is a planning figure to be confirmed with a broker.
- Items outside the direct-cost rates are budgeted on their own lines: card fees at 2.3% of counter sales, packaging at 1.2% of sales, spoilage beyond yield at 0.6% and a bad-debt allowance of 0.5% of wholesale sales. HACCP records, lab testing, loggers, licenses and inspections cost $7,500 in Year 1. Fuel, van upkeep and registration are $9,000, and a second van is leased from month 30 at $650 a month. One van and one driver cover about 100 stops a week, roughly 40 accounts at two or three deliveries each, so the second driver starts as the account count passes that.
- The model charges the 21% federal corporate rate and a 5.5% Florida corporate rate, as if the LLC elects corporate tax treatment, with the Year 1 loss carried forward against later profit. Both rates are planning figures that an accountant confirms before opening. Federal rules limit how much of a loss can offset later income, so some tax may arise earlier than the model shows. The model carries only the Year 1 loss before start-up costs into the tax calculation and treats the $42,000 of start-up costs as outside taxable income, which slightly overstates tax; the accountant confirms the treatment. If the LLC is taxed as a pass-through, the tax moves onto the owners' returns instead. Florida sales tax on counter sales depends on whether each item is prepared; the accountant confirms the treatment with the state.
- The company sweeps cash above $300,000 at each year end to the owners, and never more than that year's net income. That gives about $114,000 in Year 3, $171,000 in Year 4 and $174,000 in Year 5, split pro rata: about 65% to Bill and Dana and 35% to the investor. Debt service cover is above 5x from Year 2, retained earnings stay positive from Year 2, and counsel confirms the distribution rules before any payment. The loan runs its full term.
Revenue by channel
| Revenue stream | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Market counter: fresh fish, shellfish, packs and prepared items | $423,800 | $674,900 | $761,300 | $829,600 | $889,600 |
| Restaurants and caterers (portioned and filleted) | $511,700 | $890,000 | $970,000 | $1,040,000 | $1,100,000 |
| Hotels and beach-rental kitchens | $198,400 | $405,000 | $445,000 | $485,000 | $520,000 |
| Regional grocers: vacuum-packed, frozen and breaded packs | $186,900 | $465,000 | $530,000 | $590,000 | $650,000 |
| Total revenue | $1,320,800 | $2,434,900 | $2,706,300 | $2,944,600 | $3,159,600 |
| Growth on prior year | – | 84% | 11% | 9% | 7% |
Restaurants and caterers stay the largest channel at 39% of Year 1 revenue and 35% in Year 5. The counter is 32% in Year 1 and 28% from Year 3, so wholesale carries about 72% of sales once the accounts are won. Grocer packs grow fastest, from 14% of revenue to 21%, because the vacuum-packed and frozen lines carry a higher margin than portioned restaurant work (40% against 31.5%) and keep the room busy in the soft months. Growth after Year 3 comes from the 3% annual rise in spend and tickets, plus about one more restaurant account and one or two more grocer accounts by Year 5. Hotel accounts stay near seven or eight after Year 3. Year 2 is 84% above Year 1 because Year 1 holds only ten selling months and most accounts are still being won.
The first year, month by month
| Month | Market counter: fresh fish, shellfish, packs and prepared items | Restaurants and caterers (portioned and filleted) | Hotels and beach-rental kitchens | Regional grocers: vacuum-packed, frozen and breaded packs | Total revenue | EBITDA |
|---|---|---|---|---|---|---|
| Jan 2027 | $0 | $0 | $0 | $0 | $0 | ($47,300) |
| Feb 2027 | $0 | $0 | $0 | $0 | $0 | ($47,300) |
| Mar 2027 | $27,040 | $29,500 | $4,500 | $5,500 | $66,540 | ($22,166) |
| Apr 2027 | $36,400 | $34,100 | $9,400 | $5,500 | $85,400 | ($15,042) |
| May 2027 | $45,760 | $45,100 | $15,800 | $11,100 | $117,760 | ($2,819) |
| Jun 2027 | $59,800 | $60,500 | $24,400 | $17,000 | $161,700 | $13,777 |
| Jul 2027 | $65,000 | $67,500 | $25,600 | $17,100 | $175,200 | $18,877 |
| Aug 2027 | $54,600 | $68,100 | $28,700 | $22,500 | $173,900 | $18,386 |
| Sep 2027 | $37,440 | $53,000 | $21,200 | $21,800 | $133,440 | $3,103 |
| Oct 2027 | $33,800 | $54,600 | $24,800 | $27,200 | $140,400 | $5,732 |
| Nov 2027 | $27,560 | $45,900 | $20,900 | $26,800 | $121,160 | ($1,535) |
| Dec 2027 | $36,400 | $53,400 | $23,100 | $32,400 | $145,300 | $7,583 |
Nothing sells in January or February, and each of those months loses about $47,000 at EBITDA while the room is built and inspected. March opens at $66,540 and revenue peaks at $175,200 in July. EBITDA turns positive in June, stays positive through October, is positive again in December, and is negative in March, April, May and November. The lowest month-end cash balance is about $107,000, in June, after allowing for the 14 days wholesale accounts take to pay and the stock held, both of which build into the summer peak.
The crew, by start month
| Role | Annual wage | Starts | Year 1 end | Year 2 end | Year 3 end | Year 4 end | Year 5 end |
|---|---|---|---|---|---|---|---|
| Owner, buyer and wholesale sales (Bill Justin) | $64,000 | Month 1 | 1 | 1 | 1 | 1 | 1 |
| Market manager and bookkeeping (Dana Justin) | $46,000 | Month 1 | 1 | 1 | 1 | 1 | 1 |
| Plant lead and HACCP coordinator | $42,000 | Month 1 | 1 | 1 | 1 | 1 | 1 |
| Fish cutter and packer | $36,000 | Month 3 | 1 | 1 | 1 | 1 | 1 |
| Counter associate | $32,000 | Month 3 | 1 | 1 | 1 | 1 | 1 |
| Delivery driver and dock receiving | $37,000 | Month 3 | 1 | 1 | 1 | 1 | 1 |
| Counter and packing help (part time, weekends) | $17,000 | Month 4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Sanitation and cleanup (part time, evenings) | $16,000 | Month 3 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Summer counter help (part time, May to August) | $28,000 | Month 5 | – | – | – | – | – |
| Second cutter and value-added packer | $36,000 | Month 14 | – | 1 | 1 | 1 | 1 |
| Second delivery driver | $38,000 | Month 30 | – | – | 1 | 1 | 1 |
| Third packer and frozen-line operator | $36,500 | Month 48 | – | – | – | 1 | 1 |
| Total payroll incl. on-costs | $344,894 | $416,983 | $448,945 | $472,916 | $515,408 |
Bill, Dana and the plant lead start in January, before the first sale. The cutter, the counter associate and the driver start in March with the market, the evening sanitation crew joins in March, the weekend counter help in April, and summer counter help covers May to August each year. The second cutter follows in month 14 as grocer and value-added packs grow, a second driver in month 30 when the route outgrows one van, and a third packer in month 48. Part-time and seasonal roles are shown at annual-equivalent pay. Bill's $64,000 and Dana's $46,000 are already in the costs, so profit is what remains after both are paid. Gross profit per full-time equivalent is about $114,000 in Year 3, which is a better yardstick than revenue per head, because product takes about 62 cents of each sales dollar.
Operating statement, five years
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Revenue | $1,320,800 | $2,434,900 | $2,706,300 | $2,944,600 | $3,159,600 |
| Direct costs (seafood and packing product, after trim and yield) | ($821,910) | ($1,515,195) | ($1,684,083) | ($1,832,373) | ($1,966,163) |
| Gross profit | $498,890 | $919,705 | $1,022,217 | $1,112,227 | $1,193,437 |
| Payroll incl. on-costs | ($344,894) | ($416,983) | ($448,945) | ($472,916) | ($515,408) |
| Rent | ($50,400) | ($51,900) | ($53,500) | ($55,100) | ($56,800) |
| Utilities | ($40,000) | ($42,000) | ($44,000) | ($46,000) | ($48,000) |
| Marketing | ($20,000) | ($20,000) | ($21,000) | ($22,000) | ($23,000) |
| Insurance | ($32,000) | ($34,000) | ($36,000) | ($38,000) | ($40,000) |
| Professional fees | ($9,000) | ($9,500) | ($10,000) | ($10,500) | ($11,000) |
| Software subscriptions | ($5,400) | ($5,900) | ($6,300) | ($6,700) | ($7,000) |
| Card processing fees (2.3% of counter sales) | ($9,700) | ($15,500) | ($17,500) | ($19,100) | ($20,500) |
| Packaging, vacuum bags, labels, ice and boxes (1.2% of sales) | ($15,800) | ($29,200) | ($32,500) | ($35,300) | ($37,900) |
| Spoilage and cold-chain losses beyond cutting yield (0.6% of sales) | ($7,900) | ($14,600) | ($16,200) | ($17,700) | ($19,000) |
| HACCP records, lab testing, temperature loggers, licenses and inspections | ($7,500) | ($7,500) | ($8,000) | ($8,500) | ($9,000) |
| Van fuel, maintenance and registration | ($9,000) | ($10,500) | ($11,500) | ($12,500) | ($13,000) |
| Second delivery van lease (from month 30) | $0 | $0 | ($4,600) | ($7,800) | ($7,800) |
| Sanitation supplies, uniforms, pest control and waste pickup | ($9,500) | ($10,500) | ($11,500) | ($12,000) | ($12,500) |
| Equipment repair and replacement | ($2,000) | ($5,000) | ($7,000) | ($9,000) | ($9,000) |
| Bad debt allowance on wholesale accounts (0.5% of wholesale sales) | ($4,500) | ($8,800) | ($9,700) | ($10,600) | ($11,400) |
| Annual pay raises (3% a year) | $0 | ($12,509) | ($27,341) | ($43,852) | ($64,688) |
| EBITDA | ($68,705) | $225,312 | $256,631 | $284,659 | $287,440 |
| Depreciation | ($29,257) | ($29,257) | ($29,257) | ($29,257) | ($29,257) |
| Interest | ($18,309) | ($16,463) | ($14,105) | ($11,507) | ($8,645) |
| Income tax | $0 | ($16,049) | ($54,053) | ($61,815) | ($63,246) |
| Net income before start-up costs | ($116,271) | $163,544 | $159,216 | $182,080 | $186,293 |
| Start-up costs expensed at opening (legal and HACCP plan, permits, launch marketing, crew training and set-up labor) | ($42,000) | $0 | $0 | $0 | $0 |
| Net income after start-up costs | ($158,271) | $163,544 | $159,216 | $182,080 | $186,293 |
Year 1 loses $116,271 before start-up costs and $158,271 after them. Year 2 is the first profitable year at $163,544. Carried losses keep income tax at $16,049 that year, rising to $63,246 in Year 5. Net income is $159,216 in Year 3, $182,080 in Year 4 and $186,293 in Year 5. EBITDA margin sits between 9.1% and 9.7% from Year 2, and net margin between 5.9% and 6.7%. Gross margin is 37.8% in every year, because the engine holds the Year 1 blend. If the blend were 33% instead, Year 3 net income would fall to about $62,000, which is the plan's most important sensitivity. Year 5 profit grows less than revenue because pay rises reach $64,688 by then.
Where the cash comes from and goes
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Cash from operations | ($219,536) | $137,532 | $175,009 | $199,515 | $204,885 |
| Cooler, processing room, van and fit-out | ($240,000) | $0 | $0 | $0 | $0 |
| Funding received | $620,000 | $0 | $0 | $0 | $0 |
| Loan principal repaid | ($10,744) | ($23,117) | ($25,475) | ($28,073) | ($30,935) |
| Owner distributions | $0 | $0 | ($113,700) | ($171,400) | ($173,900) |
| Net change in cash | $149,720 | $114,415 | $35,835 | $43 | $49 |
| Closing cash | $149,720 | $264,135 | $299,970 | $300,012 | $300,061 |
Closing cash is $149,720 at the end of Year 1, after $240,000 of equipment and fit-out and a $219,536 operating outflow that includes the $42,000 of start-up costs. It is $264,135 at the end of Year 2 and $299,970 in Year 3. The sweep then holds it at about $300,000 in Years 4 and 5, which is about five weeks of total costs and is the storm reserve. The loan falls from $179,256 at the end of Year 1 to $71,656 in Year 5.
Balance sheet with stock and payables
| At year end | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Cash | $149,720 | $264,135 | $299,970 | $300,012 | $300,061 |
| Accounts receivable | $50,661 | $93,393 | $103,803 | $112,944 | $121,190 |
| Inventory (fresh and frozen seafood, packaging) | $57,876 | $85,608 | $92,363 | $98,295 | $103,647 |
| Cooler, processing room, van and fit-out (net) | $210,743 | $181,486 | $152,229 | $122,971 | $93,714 |
| Total assets | $469,000 | $624,622 | $648,365 | $634,222 | $618,612 |
| Accounts payable (boats, docks and importers) | $18,014 | $33,210 | $36,911 | $40,162 | $43,094 |
| Bank equipment loan | $179,256 | $156,139 | $130,664 | $102,592 | $71,656 |
| Paid-in capital | $430,000 | $430,000 | $430,000 | $430,000 | $430,000 |
| Retained earnings | ($158,271) | $5,273 | $50,789 | $61,469 | $73,862 |
| Total liabilities and equity | $469,000 | $624,622 | $648,365 | $634,222 | $618,612 |
Margins, break-even and loan cover
| Measure | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| EBITDA margin | -5.2% | 9.3% | 9.5% | 9.7% | 9.1% |
| Net margin (before start-up costs) | -8.8% | 6.7% | 5.9% | 6.2% | 5.9% |
| Payroll incl. pay raises as share of revenue | 26% | 18% | 18% | 18% | 18% |
| Revenue per full-time equivalent at year end | $188,686 | $304,363 | $300,700 | $294,460 | $315,960 |
| Average monthly revenue | $110,067 | $202,908 | $225,525 | $245,383 | $263,300 |
| Monthly revenue needed to cover operating costs | $125,225 | $153,199 | $168,906 | $182,581 | $199,884 |
| Debt service cover (EBITDA / interest + principal) | -2.4x | 5.7x | 6.5x | 7.2x | 7.3x |
Year 1 averages $110,067 a month against $125,225 needed to cover operating costs, so it loses money, and that average includes two months with no sales. Year 2 averages $202,908 against $153,199, and Year 3 $225,525 against $168,906. Debt service cover is -2.4x in Year 1, when EBITDA is negative, so the bank would test its covenant on that year and the owners would need a waiver. Cover is 5.7x in Year 2, rising to 7.3x by Year 5. Payroll takes 26% of Year 1 revenue and 18% from Year 2.
A soft, storm-hit stretch: sales 20% short
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Revenue | $1,056,640 | $1,947,920 | $2,165,040 | $2,355,680 | $2,527,680 |
| Net income before start-up costs | ($182,762) | $50,548 | $130,134 | $79,118 | $124,330 |
| Net income after start-up costs | ($224,762) | $50,548 | $130,134 | $79,118 | $124,330 |
| Closing cash | $90,448 | $97,956 | $219,892 | $289,676 | $299,837 |
This case cuts every revenue line by 20% in every year, which stands in for weaker tourist traffic, lost wholesale accounts and the weeks a storm closes the market. It also adds half a point of direct cost, because dock prices move faster than price sheets, and two more days to collections. The response: the second cutter waits until month 38; the second driver, the second van lease and the third packer are never added; summer counter help is cut; sales-linked costs fall 20%; fuel is trimmed 10%; marketing is cut 20%; Bill takes a 20% pay cut; and distributions follow the same cash rule, so the only payment is $103,000 in Year 5, when cash passes $300,000. The case adds $25,000 of uninsured storm costs in each of Years 2 and 4. No credit line is drawn. Year-end cash never falls below $90,448, which is the end of Year 1. Equity ends Year 1 at $205,238, and retained earnings stay negative through Year 3 in this case, so the paid-in capital of $430,000 carries the balance sheet until profit rebuilds them. The business loses money in Year 1 only. It earns $50,548 in Year 2, $130,134 in Year 3, $79,118 in Year 4 and $124,330 in Year 5, always below the base case, and Year 2 is the thinnest year at about 2.6% of revenue. Debt service cover is negative in Year 1, so the owners would need a waiver from the bank for that year. The model has no monthly view after Year 1, so cash inside Years 2 to 5 could dip below the year-end figures. Years 3 and 5 sit closer to the base case than a 20% revenue cut suggests, because the dropped hires, the later cutter and the pay cut remove cost. Read them as a smaller business under tight control, not as a forecast.
Sources
- U.S. Food and Drug Administration seafood HACCP regulation, 21 CFR Part 123, available through the Electronic Code of Federal Regulations. The plan states only that the rule generally applies to processors.
- Florida Department of Agriculture and Consumer Services, Division of Food Safety, for food-establishment permits and inspections. The plan quotes no fees.
- Florida Fish and Wildlife Conservation Commission, licenses and permits, for wholesale dealer licensing. The plan quotes no fees.
- National Hurricane Center, Tropical Cyclone Report: Hurricane Michael (AL142018), October 2018.
- Florida Department of Agriculture and Consumer Services, Division of Aquaculture, for molluscan shellfish certification. The plan quotes no fees.
- U.S. Food and Drug Administration, Food Traceability Rule (FSMA section 204). The plan notes only that compliance dates have been revised and should be confirmed.
- Florida minimum wage: Florida Constitution, Article X, Section 24 (the minimum wage amendment), which sets the schedule that reached $15.00 an hour on 30 September 2026 and provides for later indexing. No link is given; the current rate is confirmed with the Florida Department of Commerce before opening.
- Federal and Florida corporate income tax rates in the model are planning figures; the IRS and the Florida Department of Revenue publish the current rates and effective dates.
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